Thames Water chair says he ‘may have misspoken’ to MPs over bonuses.
Sir Adrian Montague told select committee paying bonuses out of emergency £3bn loan was insisted upon by creditors.
The chair of Thames Water has admitted he may have “misspoken” when he told a parliamentary committee that large bonuses to be paid to senior bosses out of an emergency £3bn loan were insisted upon by creditors.
Sir Adrian Montague told the environment, food and rural affairs (Efra) select committee last week that the lenders “insisted” that “very substantial” bonuses of up to 50% of salary should be paid to company executives from the controversial loan in order to retain key staff. The proposed bonuses provoked fury as the company has said that its finances are “hair raising” and that it had come “very close to running out of money entirely” last year.
UPDATE:
Thames Water: big bonuses due from emergency £3bn loan ‘withdrawn’
Environment secretary makes announcement after company’s chair said he ‘may have misspoken’ to MPs.
Large bonuses due to be paid to Thames Water executives from an emergency £3bn loan have been “withdrawn”, the environment secretary, Steve Reed, said, after the Guardian revealed the chair of the company wrongly told parliament creditors had “insisted” on the payments.
Read the Guardian
The British Blue Community ‘We Own It’ comments:
💩The Thames Water bailout is a shambles. Fat Cat bonuses are on, then they’re off. Questioning Thames Water executives is a waste of time. This company is unfit to provide vital public services. It has to be taken into public ownership!
